Buffett bullish on US recovery as Berkshire earnings bounce

Warren Buffett's Berkshire Hathaway posted earnings of $3.63bn in Q1, more than reversing the $1.53bn net loss a year ago.

Berkshire's operating profits also climbed 30% from $1.7bn in the final quarter of last year, to $2.2bn. Speaking to about 40,000 investors at Berkshire's annual shareholders meeting, Buffett says the Q1 results show the US and global economy is displaying significant signs of recovery for the first time. "What was sort of a sputtering recovery months ago seemed to pick up steam in March and April," Buffett says. "We are seeing a pretty good uptick."